Chicago, June 1 – Synthos SA sold €600 million of 2˝% senior secured guaranteed notes due June 7, 2028 (Ba2/BB/BB+) at par, a market source reported.
The notes are guaranteed by key subsidiaries of the company.
The notes priced with a spread of Bund plus 284.6 basis points.
Proceeds will be used to repay debt, for general corporate purposes and for transaction fees and expenses.
Starting in year three, the notes can be called at 101.25. After June 2025, the notes can be called at 100.625 and in the final two years the notes can be called at par.
Joint bookrunners for the Rule 144A and Regulation S notes are BNP Paribas (billing and delivery), Goldman Sachs Bank Europe SE, Bank Pekao, PKO Bank Polski SA and Santander.
BNP Paribas and Goldman Sachs Bank Europe are also joint global coordinators.
Synthos produces synthetic rubber and styrenics. It is based in Oswiecim, Poland.
| Issuer: | Synthos SA
|
| Issue: | Senior secured guaranteed notes
|
| Amount: | €600 million
|
| Maturity: | June 7, 2028
|
| Bookrunners: | BNP Paribas (billing and delivery), Goldman Sachs Bank Europe SE, Bank Pekao, PKO Bank Polski SA and Santander
|
| Coupon: | 2˝%
|
| Price: | Par
|
| Yield: | 2˝%
|
| Spread: | Bund plus 284.6 bps
|
| Call features: | After June 7, 2024 at 101.25; after June 7, 2025 at 100.625; after June 7, 2026 at par
|
| Trade date: | May 27
|
| Settlement date: | June 7
|
| Ratings: | Moody’s: Ba2
|
| S&P: BB
|
| Fitch: BB+
|
| Distribution: | Rule 144A and Regulation S
|
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